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Emergent BioSolutions Inc (NYSE:EBS), through its subsidiary Emergent Manufacturing Operations Baltimore, has reached a settlement with Janssen Pharmaceuticals, Inc., a branch of Johnson & Johnson (NYSE:JNJ), resolving disputes related to the manufacturing of Johnson & Johnson’s investigational COVID-19 vaccine.
This settlement ends claims arising from their manufacturing services agreement and related arbitration.
Related: Why Is Vaccine Maker Emergent BioSolutions Stock Trading Higher On Tuesday?
Under the confidential Settlement Agreement and Release terms, Janssen will pay Emergent BioSolutions $50 million.
The settlement includes broad releases for all involved parties. This means that all claims related to the manufacturing of the SARS-CoV-2 vaccine, based on Johnson & Johnson’s AdVac technology, are resolved.
In February 2021, Johnson & Johnson’s single-shot coronavirus vaccine candidate was cleared as the third vaccine in the U.S. for emergency use.
In May 2022, the FDA limited the use of the vaccine for adults due to the risk of a rare blood clotting syndrome. The company updated the U.S. COVID-19 vaccine fact sheet to warn about the risk of thrombosis with thrombocytopenia syndrome.
In January 2023, Johnson & Johnson scaled back its efforts to manufacture its COVID-19 vaccine after facing a fall in demand. It had terminated its supply agreement with Emergent BioSolutions as both companies accused each other of breaching the agreement.
Price Action: EBS shares closed at $8.13, and JNJ stock closed at $145.48 on Monday.
Photo via Shutterstock
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